Here's Why Best Buy, Office Depot, and Michaels Crashed Today
Shares of many household-name retailers plunged on Friday as the COVID-19 pandemic reared its ugly head again. Researchers from the Center for Infectious Disease Research and Policy at the University of Minnesota now say that the disease may continue to spread for nearly two years, potentially delaying the return to normal retail operations by as much as 18 months.
Responding to this grim report, shares of electronics and home appliances vendor Best Buy (NYSE: BBY) fell as much as 6% on Friday while arts and crafts supplies retailer Michaels (NASDAQ: MIK) dipped as far as 16.1% lower. Office supplies seller Office Depot (NASDAQ: ODP) took an even deeper dive, falling as much as 16.7% lower.
All of these stocks saw strong price gains in April as the coronavirus started to look like a winnable battle. Today, the University of Minnesota's analysis of the underlying SARS-CoV-2 virus showed that governments around the world must be prepared to tackle another 18 to 24 months of mitigation efforts.
Source Fool.com
